Valued at $76.5 billion, Seagate Technology Holdings Inc. (STX) is one of the largest manufacturers of hard disk drives in the US. I identified it by using powerful screening functions to sort for stocks with the highest technical buy signals, superior current momentum, and a Trend Seeker “buy” signal, highlights Jim Van Meerten, analyst at Barchart.
Seagate’s drives are responsible for storing information, including at data centers. Seagate also creates other storage products like solid state drives and solid state hybrid drives. Its storage products are necessary to train, manage, and store the various large datasets that are behind Artificial Intelligence (AI) models.
Seagate Technology Holdings Inc. (STX)
Seagate Technology scored a new all-time high of $370.47 on Jan. 26. It has a Weighted Alpha of +325.5 and a 100% “Buy” opinion from Barchart. The stock has gained 231.1% over the past 52 weeks and has its Trend Seeker “Buy” signal intact.
Meanwhile, the Relative Strength Index (RSI) is at 70.5. There’s a technical support level around $346.04. And the analysts tracked by Barchart have price targets ranging from $270 to $465.
Bottom line: Seagate has been a wildly lucrative “picks and shovels” play on AI over the past year, as evidenced by its more-than-230% gain. However, investors should be prepared for volatility.
